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This study aims to assess the effect of material internal control weaknesses (MICW) on the relationship between ownership structures and future-oriented disclosure.

A total number of 197 firms were assessed in this study during 2014–2021. Two measures were used for MICW. First, the number of existing MICW was assessed in independent auditors’ reports. In Iran, the maximum number of weaknesses is 13. Second, the scoring (0 or 1) method was used as a dummy variable, 1 for a firm with MICW and otherwise 0. Moreover, the scoring (0 or 1) method was used to measure the level of future-oriented disclosure of 13 indicators.

The findings showed that institutional ownership and managerial ownership have a significant positive effect on future-oriented disclosure, whereas the MICW have a significant negative effect on future-oriented disclosure. In addition, MICW played a moderator role in the relationship between ownership structures and future-oriented disclosure. The robustness checks confirmed the results.

As the studies conducted on future-oriented disclosure and the contributing factors are limited, and also the effect of MICW on future-oriented disclosure is not explored, the present findings can show the importance of the study, and fill the gap in this field. This study offers theoretical and practical implications to drive policymakers and managers to the effectiveness of internal control and future-oriented transparency.

The purpose of this paper is to examine the determinants of future‐oriented information in UK annual report narrative sections. The paper also investigates the association between corporate dividend policy and levels of future‐oriented information, as a proxy for information asymmetry.

A computer‐based‐content analysis is used to measure levels of future‐oriented information. Tobit and logit regressions are then applied in order to examine the impact of firm characteristics, and corporate governance characteristics on future‐oriented disclosure. In further tests, Tobit and logit regression models are used to investigate the association between corporate dividend policy and levels of future‐oriented information.

The authors find that firm size is the main factor affecting the firms’ levels of future‐oriented information. This variable is statistically significant in five regression models. In addition, the authors find that profitability, outsider directorships, and insider ownerships affect the levels of future‐oriented information. However, the significance of these variables depends on whether fixed effects or random effects models are used and whether year dummies are included or excluded in the analyses. Finally, the authors find a positive association between corporate dividend policy and information asymmetry (measured by the levels of future‐oriented information).

This paper contributes to the existing disclosure studies in two crucial ways. First, it offers the first evidence that levels of future‐oriented information are driven by some firm characteristics, and some corporate governance mechanisms. Second, it offers the first UK evidence of the association between corporate dividend policy and information asymmetry. The results show that dividends and information asymmetry are negatively associated.

Kuwait has taken significant steps to reform its corporate governance (CG) by introducing the New Company Law (NCL) in 2013. This study investigates how this reform of CG mechanisms affects the disclosure of future-oriented information. Likewise, it explores how CG mechanisms affect the informativeness of this disclosure.

The sample comprises the nonfinancial firms listed on the Boursa Kuwait from 2014 to 2018. The study uses an automated textual analysis to measure the level of future-oriented disclosure in the annual reports of these firms. The informativeness of disclosure is proxied by firm value at three months of the date of the annual report.

The study finds that Kuwaiti firms with larger board sizes and substantial ownership by institutional investors are less likely to disseminate future-oriented information. Conversely, firms with more independent directors and larger audit committees are more inclined to provide future-oriented disclosure. Furthermore, the disclosure of future-oriented information carries contents that enhance investors' valuations of Kuwaiti firms, especially in firms with fewer institutional ownership and more prominent audit committees.

It focuses on management decisions to disclose information in the annual reports. Examining other channels of disseminating information, such as social media disclosure, provides avenues for future research.

Policy setters in Kuwait should consider the importance of some CG mechanisms to improve the transparency of Kuwaiti firms, as suggested by the NCL. Likewise, investors should rely on such specific CG mechanisms to build their prospects about the firm's value.

Apart from developed countries, the current study is the first evidence on how CG mechanisms could affect the informativeness of future-oriented disclosure in a developing economy. It is also the first to investigate the new CG mechanism introduced by Kuwait NCL in 2013.

Integrated reporting (IR) promotes the disclosure of future-oriented information to enable financial stakeholders to make better-informed decisions. However, the downside to this type of disclosure is the risk to management of disclosing such future-oriented information. This paper aims to explore how IR preparers manage the risk of disclosing future-oriented information in companies’ integrated reports.

This study represents an exploratory interpretative thematic analysis of 33 semi-structured interviews with managers involved in IR in eight Sri Lankan companies representing various industries. The thematic analysis is informed by the research literature and prior studies on IR.

This paper provides evidence of various strategies to manage the risk associated with the disclosure of future-oriented information in integrated reports. These strategies include making non-specific predictions; increasing the accuracy of the predictions; linking performance management to disclosed targets, thus ensuring individual responsibility for target achievement; disclosing ex post explanations for not achieving previously disclosed targets; and linking disclosed targets to the company’s risk management procedures. However, these strategies can cause managers to provide conservative future-oriented information, rather than “best estimate” future-oriented information.

The study describes the strategies that managers use to mitigate the risks involved in disclosing future-oriented information. These strategies can provide support or raise concerns, for managers in deciding how to deal with such risks. Regulators tasked with investor protection, as well as stock exchanges interested in the transparency and accountability of listed companies’ activities should be aware of these strategies. Furthermore, the International Integrated Reporting Council (IIRC) should be interested in the implications of this study because some of the identified strategies could undermine the usefulness of integrated reports to stakeholders. This is a significant concern given that the IIRC envisages integrated reporting and thinking as vehicles that could align capital allocation and corporate behaviour with wider sustainable development goals.

The trend of future-oriented information moving from being used only in organisations’ internal management systems to being externally reported in integrated reports has implications for stakeholder groups interested in the reported targets. This study reveals management strategies that could affect future-oriented information reliability and reduce their usefulness for users of integrated reports.

This study provides unique insights into the emerging area of how managers deal with the risks involved in disclosing future-oriented IR information.

Financial reporting standards require that many future‐oriented expenditures for intangibles, such as development costs and personnel training, be expensed in the current period. These standards cause such expenditures to be indistinguishable from expenditures for current revenues, and penalize the earnings of firms making future‐oriented expenditures for intangibles. The current focus on earnings encourages firms to sacrifice long‐term economic objectives for higher reported earnings. This paper analyzes the need for improved reporting for future oriented expenditures. Improved accounting for future‐oriented expenditures would enhance the market’s ability to value stocks, improve company performance, and benefit investors and creditors.

The aim of this paper is to discuss key factors of long-term (sustainable) development and prosperity. There are three basic guidelines that seek explanation: dependence theory, the influence of geographical and environmental factors and cultural determinism. But there are perhaps three other important factors for successful development: education, caring for public space and future oriented thinking.

Why are some nations poor and some are rich? The answer might lie somewhere else other than in the known theories of development. Or rather, maybe every development theory has some truth in itself, but what we need is to create some inventive synthesis. To formulate such synthesis, calculation of future oriented thinking index can help us to understand better why some communities and nations are poor and some are rich. Perhaps future oriented thinking is the main key to prosperity and success.

If future oriented thinking is an important factor to prosperity and success, then an instrument is needed to measure it – the Future Oriented Thinking Index (FOTI). Future Oriented Thinking Index is by methodological approach close to the State of the Future Index (SOFI) developed by Theodore J. Gordon and the Millennium Project. But FOTI should focus more on identifying how people are able to take into account future challenges and behave according to them, less on “state of the future“ (measuring whether a situation will improve or deteriorate). Tentatively 23 indicators are proposed to calculate FOTI.

Many economists, environmentalists and other experts have long been cooperating in designing an alternative indicator to Gross Domestic Product (GDP) capable of better capturing the long-term development of society and not just economic performance in a narrow sense. Future Oriented Thinking Index calculated for individual countries as an arithmetical average of 23 selected variables (individual indicators, all available from publicly accessible sources) is a new approach to complement such indexes as the Gross Domestic Product, the Human Development Index, the Environmental Sustainability Index, or the State of the Future Index.

During the new millennium the Finnish educational system has faced a new challenge: how to explain glorious PISA results produced with only a small variance between schools, average national costs and, as regards the average duration of studies, relatively efficiently. Explanations for this issue can be searched for in many different ways. The purpose of the article is to show what kind of sustainable leadership in the educational governance can be seen behind the high level results in Finland.

The future‐oriented actions are discussed in the article alongside some relevant cultural prerequisites that have enabled effective changing processes. Finally, two cases of recent future‐oriented actions in the Finnish educational governance are given as examples.

Sustainable leadership can be seen as a long series of several future‐oriented decisions and actions, such as uniforming the system, offering highly demanding education to all, strategic decisions concerning the information society, as well as some other great political decisions concerning education.

It may not be easy to reproduce the same high‐level results as in Finland in any other country. However, several developing countries could benefit from the future‐oriented ethos of Finland.

This article gives hints what kinds of future‐oriented actions can be launched at a national level.

Future orientation leads to long‐term policies in education. This enables long‐term development in the educational sector which may enhance the social cohesion in the societies.

Though the Finnish experiences may be unique in the international settings, the future‐orientation is of uttermost importance when wanting to develop the educational systems in any country. Hence the results may give a valuable insight to understand a successful case of educational governance.

The purpose of this paper is to explore whether there is a link between retrospective and prospective sensemaking by analyzing metaphors of past and potential future changes.

The article draws on interview data from employees, team managers and middle managers at an IT department of a Nordic bank.

The study found that organizational members' sensemaking of changes in the past were characterized by trivializing metaphors. In contrast, future-oriented sensemaking of potential changes were characterized by emotionally charged metaphors of uncertainty, war and the End, indicating that the organizational members anticipating a gloomier future.

These findings might be limited to the organizational context of an IT department of a bank with IT professionals having an urge for control and sharing a history of a financial sector changing dramatically the last decade.

This article contributes to the emerging field of future-oriented sensemaking by showing what characterize past and future-oriented sensemaking of changes at a bank. Further, the paper contributes with an empirical study unpacking how organizational members anticipate an undesired future which might not be grounded in retrospective sensemaking.

The purpose of this study is to examine the role of culture and future orientation in lenders’ prosocial microlending behaviors.

Three experiments examine how different cultural backgrounds, either individualistic or collectivistic, influenced microlenders’ prosocial behaviors, including the amount of microlending, the willingness to help and the length of commitment. Further, the moderating role of future orientation among individualists is investigated.

Results indicate that cultural differences influence prosocial microlending differently such that individualists give less to people in need compared to collectivists. Further, the author found that future orientation helps lenders in individualistic culture to improve prosocial microlending behaviors.

This paper emphasizes the role of cultural background and future orientation in promoting lenders’ prosocial giving in the context of microlending. The results assist social marketers to understand how to motivate giving behaviors via microlending among lenders in different cultures depending on future orientation.

The purpose of this paper is to empirically identify the themes of core-competencies required for future-oriented and sustainable e-governance practices, especially across the developing nations.

The present study has been conducted using the sequential mixed method research wherein the exploratory qualitative study is first carried out with the government officials involved in e-governance implementation across India to identify the themes of core-competencies. The findings of this exploratory study are then empirically tested with the 359 respondents from Group A and Group B officers of the two government departments in India using partial least square technique.

The findings suggested that to ensure the implementation of future-oriented and sustainable e-governance, it is required to develop the core-competencies. The significant core-competencies explored are, namely, process management, employee engagement, internal service quality, external service quality, citizen satisfaction, leadership, culture and technology.

As strategic implementation of e-governance is a relatively new area of study, the present study has used the learning from core-competencies studies in the non-government sector.

The findings of this study underscore the need for strategic implementation of e-governance to have long-term success of e-governance. The requirement is to develop the core-competencies. These core-competencies are the key to making the government departments proactive in dealing with any future contingency without compromising on the departmental performance.

The present research is one of the few research studies focusing on the implementation of sustainable and future-oriented e-governance. The current study has laid the stepping stone for investigating the role of core-competencies to ensure the implementation of sustainable and future-oriented e-governance.